10 January, 2019
Article length: 99 words
Oman: Budget spending rises while deficit falls
Muscat is planning to spend OR12.9bn ($33.6bn) over the course of this year, OR400m more than forecast in the 2018 budget. According to local media reports, the budget is based on an oil price assumption of $58 a barrel, with total revenues forecast at OR10.1bn in 2019 The projected deficit of OR2.8bn is slightly lower than the OR3bn shortfall predicted in the 2018 budget.The government plans to borrow to cover most of the deficit, with OR2.4bn to be raised in international and domestic debt and the rest coming from withdrawals from reserves.